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SolarCity Building 7.4-Megawatt Project for California Schools

Oct. 23 (Bloomberg) -- SolarCity Corp., the developer of rooftop solar systems whose chairman is billionaire Elon Musk, is installing panels with 7.4 megawatts of capacity at 26 schools in the Los Angeles Unified School District.

The project will save the district more than $776,000 in energy costs in the first year and more than $25 million over 20 years, according to a statement today. SolarCity has installed systems at 17 schools and will add nine more by the first half of next year. Terms of the deal weren’t disclosed.

SolarCity has installed or is developing power projects at more than 200 U.S. schools, according to the statement. It sells power to residential and commercial customers in 14 states, including Wal-Mart Stores Inc. and Intel Corp.

The company filed this month to to raise more than $200 million in an initial public offering.

To contact the reporter on this story: Justin Doom in New York at jdoom1@bloomberg.net

To contact the editor responsible for this story: Will Wade at wwade4@bloomberg.net

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